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How to record bad debt recovered in sales ledger control account?
Wiki User
∙ 11y ago
When any bad debt is recovered, twojournal entriesare passed. The first one reverses the write-off entry and the second one is a routine journal entry to record collection. Thus:
Accounts Receivable70Allowance for Doubtful Debts70Cash70Accounts Receivable70Wiki User
∙ 11y ago
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What is control account control account?
A control account is a summary of the individual accounts in the subsidiary ledger(purchases or sales ledger) :)
What is general ledger suspense?
A general ledger suspense account is used to temporarily record items for which the accounting is not clear.For example, if a company records an expense, without keeping adequate documentation, the bookkeeper may need to record the item in the "suspense" account. Once adequate documentation is found, the item would be reclassified into its proper account.
What are general ledger accounts?
he general ledger is a collection of the firm's accounts. While the general journal is organized as a chronological record of transactions, the ledger is organized by account. In casual use the accounts of the general ledger often take the form of simple two-column T-accounts. In the formal records of the company they may contain a third or fourth column to display the account balance after each posting.
What general ledger account do you use to record grant receipts?
To receive the grant we can use simply receipt voucher with ledger grant receipt under grant group under bank parent group. Enjoy it !
What is the Difference between cash book and ledger?
Day book is the book which we use to record day today record,but Ledger is a book in which we keep classified data
What is control account control account?
A control account is a summary of the individual accounts in the subsidiary ledger(purchases or sales ledger) :)
What is guest ledger?
A subsidiary ledger related to the accounts receivable general ledger account used by hotels to record the individual account activity of guests who are still at the hotel. The total of the balances in the city ledger plus the total of the balances in the guest ledger should equal the balance in the accounts receivable general ledger account.
A book that keeps separate record for each account is known as?
A ledger.
Why ledger is called king of all books of account?
Ledger is called the king of all books of accounts because all entries from the books of original entry must be posted to the various accounts in the ledger. It should be noted that journal contains a chronological record while ledger contains a classified record of all transactions
What is general ledger suspense?
A general ledger suspense account is used to temporarily record items for which the accounting is not clear.For example, if a company records an expense, without keeping adequate documentation, the bookkeeper may need to record the item in the "suspense" account. Once adequate documentation is found, the item would be reclassified into its proper account.
What are general ledger accounts?
he general ledger is a collection of the firm's accounts. While the general journal is organized as a chronological record of transactions, the ledger is organized by account. In casual use the accounts of the general ledger often take the form of simple two-column T-accounts. In the formal records of the company they may contain a third or fourth column to display the account balance after each posting.
What general ledger account do you use to record grant receipts?
To receive the grant we can use simply receipt voucher with ledger grant receipt under grant group under bank parent group. Enjoy it !
How do you spell ledger?
The is the correct spelling of ledger, typically a financial record or journal.
What record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
What is the Difference between cash book and ledger?
Day book is the book which we use to record day today record,but Ledger is a book in which we keep classified data
Does an account payable ledger record credits or debits?
Accounts payable is created when goods purchased on credit so it records the credits that is how much amount payable to creditors.
In bookkeeping, what is the record of final entry?
The General Ledger
